Israel Industrial Company Seeks to Sell $3,000,000 Stock Issue in U.S.

August 29, 1957

WASHINGTON (Aug. 28)

Koor Industrial Enterprises, industrial division of Solel Boneh, the huge Israeli construction cooperative, filed with the Securities and Exchange Commission yesterday a statement seeking to register a $3,000,000 issue of preferred stock to be used for the expansion of its manufacturing and related enterprises.

The shares, six and one-half percent cumulative preferred, will be offered at their $100 par value. The issue is not underwritten. The purchase price is payable in cash or, up to a limited extent, in State of Israel independence and development boards.

The registration statement declared that proceeds of the stock sale will not make up a substantial part of the funds needed for the current expansion program already under way, but to provide Koor and subsidiaries with funds for extensions, additions and improvement of plants.

Koor was organized by Solel Boneh in 1944. It is involved in shipyard operations, steel rolling mills and other metal works, glass and ceramics enterprises, electrical motors and electrical appliances, rubber and tires, cement, paint and other industries in Israel. Koor is represented in this country by Solcoor, Inc., of New York.